创业板上市公司IPO应计与真实盈余管理研究

发布时间：2018-01-13 18:02

本文关键词：创业板上市公司IPO应计与真实盈余管理研究　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：2009年,经过10余年的努力,我国创业板终于正式开板,创业板的开设为完善我国资本市场、推进科技自主创新、促进我国中小企业的发展、促进产业结构调整具有重要意义。IPO (Initial Public Offering)即首次公开发行股票,使得公司由少数人控制到成为公众公司。根据我国《首次公开发行股票并在创业板上市管理暂行办法》的规定,创业板为拟上市公司设置了相应的“门槛”,最低盈利指标和对业绩的成长性要求将引诱拟上市公司虚增账面盈余,以达到相应的业绩指标。正是基于如此,使得拟上市公司有强烈动机实施盈余管理以提高业绩。盈余管理将会导致上市公司的会计信息失真,误导投资者及监管者,对于创业板市场的健康发展百害而无一利。我国的盈余管理研究已经取得丰硕的成果,但主要集中于主板和中小板的研究。由于创业板是新兴市场,国内对于创业板的研究还比较匮乏。尽管有部分研究考察了创业板IPO盈余管理行为,但是仅局限于对应计盈余管理研究,而对真实盈余管理没有考证。已有研究表明,盈余管理又可以细分为应计盈余管理和真实盈余管理,应计盈余管理是指管理层运用职业判断编制财务报表时,通过对会计政策的选择来掩盖或扭曲公司业绩的行为；而真实盈余管理是是公司管理层有意识地构造一些真实交易活动人为地控制交易发生的时间或者不适当地削减酌量性费用,使得公司业绩能扭亏为盈或者满足利益相关者需求的行为。因此,针对我国创业板IPO过程中盈余管理研究的不足,本文将考察我国创业板IPO的真实盈余管理行为,并结合应计盈余管理进行比较研究,以此分析创业板IPO业绩变化的影响因素。具体研究内容如下：第一部分,导论。论述创业板上市公司IPO应计与真实盈余管理的选题背景和研究意义,介绍本文的研究思路和结构安排,阐述研究方法和本文的主要贡献与不足。第二部分,文献综述,首先阐述IPO盈余管理的相关定义,关于盈余管理的内涵极为丰富,国内外学者都曾经做了详细解释,国外学者对于盈余管理的定义较早,而国内关于盈余管理的定义大多是在国外学者研究的基础上加以拓展,使其符合中国国情。其次.,分别阐述了真实盈余管理与应计盈余管理的定义、手段以及经济后果。国内关于盈余管理的文献大多集中在对应计盈余管理的研究上,而对真实盈余管理的相关研究则比较少。因此,对于真实盈余管理的文献综述大多引用外文文献。最后阐述应计与真实盈余管理的关系并对盈余管理的计量方法进行系统归纳。第三部分,从理论上分析了我国创业板IZPO的盈余管理。本部分从四个方面进行了理论分析：首先,分析了我国创业板IPO的制度背景；其次,分析了关于盈余管理的理论基础(“经济人”假设、契约理论、信息不对称理论、委托代理理论)；然后分析了IPO盈余管理的动机；最后对盈余管理的环境进行分析。第四部分,对创业板上市公司IPO应计与真实盈余管理的实证分析。首先提出了文章的研究假设和研究设计,在此基础上对选取的样本进行描述性统计,对变量进行回归分析。本文提出3个假设,假设1：创业板IZPO存在应计与真实盈余管理。在IPO的前两、前一年都存在应计、真实盈余管理。假设2：IPO前的应计盈余管理对IPO后的业绩变化有显著影响。在实证分析中,采用琼斯模型来检测应计盈余。假设3：IPO前的真实盈余管理IPO后的业绩变化有显著影响。真实活动盈余管理采用几个指标来度量,分别是：异常经营现金流AbCFO,异常生产成本AbProd和异常酌量性费用(如研发、销售及管理费用)AbDisx。在实证分析中,运用琼斯模型得出应计盈余管理。参照Roychowdhury (2006)和Cohen et al.(2008)的模型来估计真实盈余管理。第五部分总结研究结论,阐述政策建议并对进一步研究进行展望。实证检验主要得出以下几点结论：(1)、创业板公司IPO后业绩出现了下滑。(2)、创业板公司IPO过程中存在盈余管理行为,不但存在应计盈余管理,还存在真实盈余管理。(3)、创业板公司IPO以后,应计盈余管理下滑,而真实盈余管理出现上升。(4)、创业板公司IPO前的真实盈余管理,显著影响其IPO后的业绩变化,而IPO前的应计盈余管理虽然对IPO后业绩变化有影响,但在统计上不显著,表明创业板公司IPO后业绩变化主要受真实盈余管理的影响。(5)、不同以往的研究,本文考察发现,创业板公司IPO前的真实盈余管理是向下的盈余管理,是为了储备盈余避免IPO后的业绩出现显著下滑,因而,IPO前的真实盈余管理与IPO后的业绩变化是显著正相关。本文的主要贡献如下： (1)考察了创业板IPO过程中的真实盈余管理行为,同时,结合应计盈余管理进行全面考察。研究发现,创业板PO过程中存在着应计与真实盈余管理行为。 (2)应计与真实盈余管理,在创业板IPO前后表现出不同方向。在IPO前,应计盈余管理为正向的盈余管理,而真实盈余管理为负向的盈余管理。在IPO后,应计盈余管理出现下降的趋势,而真实盈余管理出现回升的趋势。 (3)实证分析了应计与真实盈余管理对创业板IPO前后业绩变化的影响。研究发现,创业板公司IPO前的真实盈余管理,显著影响其PO后的业绩变化,而IPO前的应计盈余管理虽然对IPO后业绩变化有影响,但在统计上不显著,表明创业板公司IPO后业绩变化主要受真实盈余管理的影响。本文的不足之处在于： (1)本文选取的样本数据在时间跨度和公司数量上都有所欠缺,不具有全面性,可能会对研究结果产生一定的影响。 (2)由于模型的使用性未知,因此直接用琼斯模型来来检测操纵性应计盈余用于创业板的研究这种方法是否合理,现在还没有一个准确的结论。因此,由于模型的不确定性,使得结论也具有不确定性。
[Abstract]:In 2009 , after more than 10 years of efforts , China ' s GEM has finally officially opened its board . It has set up the corresponding " threshold " for listed companies in order to improve our country ' s capital market , promote the independent innovation of science and technology , promote the development of small and medium - sized enterprises in our country and promote the adjustment of industrial structure . The present study shows that earnings management can be divided into account surplus management and real earnings management . The first part , introduction , discusses the background and research significance of IPO accrual and real earnings management in GEM listed companies , introduces the research thinking and structure arrangement of this paper , expounds the research methods and the main contributions and deficiencies of this paper . In the second part , the article summarizes the relevant definitions of IPO earnings management , the connotation of earnings management is very rich , scholars both at home and abroad have made detailed explanations , and the definition of surplus management is earlier , and the definition of surplus management is mostly expanded on the basis of foreign scholars ' research , so that it accords with China ' s national conditions . This paper describes the definition , means and economic consequences of real earnings management and accrual surplus management . Most of the literatures about surplus management are concentrated on the research of corresponding surplus management , and the relative research on real earnings management is less . Therefore , the paper summarizes the relationship between real earnings management and real earnings management and systematically induces the measurement methods of surplus management . In the third part , the earnings management of IZPO in China ' s GEM is analyzed theoretically . Firstly , the paper analyzes the institutional background of IPO in China . Secondly , it analyzes the theoretical basis of earnings management ( " economic man " hypothesis , contract theory , information asymmetry theory and principal agent theory ) ; then analyzes the motivation of IPO earnings management ; and finally , analyzes the environment of earnings management . In the fourth part , the empirical analysis of IPO accrual and real earnings management of listed companies is presented . Based on this , the paper puts forward three assumptions : 1 : There is a significant impact on the performance change after IPO . The fifth part summarizes the conclusions of the study , sets forth the policy suggestions and looks forward to further research . The empirical test results mainly from the following conclusions : ( 1 ) The performance of the IPO of GEM has declined . ( 4 ) The real earnings management before IPO is mainly influenced by real earnings management . ( 4 ) The real earnings management before IPO is mainly influenced by real earnings management . The main contributions of this article are as follows : ( 1 ) The real earnings management behavior in the IPO process of the GEM is investigated . At the same time , a comprehensive investigation is carried out in combination with the accrued earnings management . The research finds that there is an accrual and real earnings management behavior in the PO process of the GEM . ( 2 ) The accrual and real earnings management , before and after the GEM IPO , show different directions . Before IPO , the accrual surplus management is the positive surplus management , while the real earnings management is the negative surplus management . After the IPO , the accrual surplus management has declined , and the real earnings management has recovered . ( 3 ) The effect of accrual and real earnings management on the performance change before and after IPO is analyzed . It is found that the real earnings management before IPO of GEM significantly affects the performance change after IPO , while the accrued earnings management before IPO has an impact on the performance change after IPO , but it is not statistically significant , which shows that the change of performance after IPO is mainly influenced by real earnings management . The weakness of this paper is : ( 1 ) The sample data selected in this paper are deficient in the time span and the number of companies , which may have some influence on the results of the study . ( 2 ) Since the usability of the model is unknown , the Jones model is used to detect whether the operator ' s accrued surplus is used in the research of the GEM , and there is no accurate conclusion . Therefore , the uncertainty of the model makes the conclusion also uncertain .

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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